Pre - Market Report (31st March 2020)

U.S Markets closed 3% higher Yesterday. Asian Markets are also Mostly in Green.
Trump has cautioned U.S Citizens that if the lockdown rules are not being followed Strictly then in coming 2 weeks the deaths in U.S could surge to more than a lakh.
Lockdown has been extended to 30th April in some parts of U.S .
Indian Institute of Medical Research Yesterday in their Press Conference mentioned that they have not obtained any Proofs of Community Transmission yet ( Stage 3) .
It would be a Tremendous job if we Eradicate the spread of Corona Virus at Stage 2 itself.
Indian Government also Clarified Yesterday that they are not planning to Extend the lockdown beyond 21 day period.
There is not a lot of Incremental Negative news related to Corona Virus all over the World except in U.S
Cases in U.S have surged to 1.4 lakh.
Observing Yesterdays Market I can say that we are in the last round of selling now.
In First round of selling all the low Quality stocks fall by 60-70% but Bluechip Stocks fall by 8-10% this was Witnessed in the Initial Week of March.
In the Second round of selling Everything falls & in the last round of selling Bluechip Stocks fall by 30-40%.
NBFC Stocks have taken a big hit Yesterday. Stocks like Bajaj Finance & HDFC ltd were down more than 10% each .
SGX Nifty is up by 2% in the Pre - Open .
India VIX has been cooling off from it's record high levels of 82-85 range and now it's near 71-72.
This shows that Panic has been reducing in our Markets from last week.
As Tomorrow is the Weekly Expiry & Premiums are quite high on both sides ( CE & PE) . Option Buyers should exercise a lot of Caution while buying Weekly Options.
Yesterday, even when Markets fell Put Options were not rising proportionately to the Market fall. This was because there were very low Volumes being Traded in the Markets & sentiment is not excessively bearish now as it was before.
Futures continue to trade at a Discount on both Nifty & Bank Nifty.
Currently I am not expecting large moves in the Market as we are in a Consolidating phase.
Yesterday the Mid cap & small cap index were down 5% each. So Broader markets were much weaker when compared to Index.
Unless there is any more Incremental Negative news I do not expect Nifty to breach 7500.
As Mentioned Yesterday Bank Nifty will continue to Underperform & all types of rallies should be sold into. HDFC Bank leading the Underperformance and was down 8% Yesterday.
Nifty is likely to remain Rangebound today in the range of 8000-8700 & exploring trading Opportunities at the Boundaries is Advisable.
Sold 7400 PE & 9500 CE Yesterday on Nifty. ( Weekly Expiry).
Sold 16000 PE & 23000 CE on Bank Nifty Yesterday.(Weekly Expiry).
Explore Shorting Opportunities in Quality Bluechip which have not Participated in the Current Market fall. Returns are more Favourable on this front.

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